Carbon emissions allowances closed at 40.57 yuan (about 6.26 US dollars) per tonne on Monday, 0.37 percent up from Friday, at China Emissions Exchange (Guangzhou), the largest local carbon market in China. A total of 12,345 tonnes of allowances were transacted on Monday, with a turnover of 498,541 yuan. The allowances, officially known as Guangdong Emissions Allowances (GDEA), are carbon dioxide emissions caps assigned to companies. Firms whose emissions surpass their share must buy extra quotas from authorities or purchase unused quotas on the market from those that cause less pollution. Since it opened in December 2013, the market has traded 196.25 million tonnes of GDEA, with a total turnover of 4.46 billion yuan. On Monday, the market also traded 240,000 tonnes of China Certified Emissions Reductions (CCER), which are companies’ voluntary reduction of emissions achieved via means such as afforestation or employing clean energy technologies.